Praxis Precision Medicines (NASDAQ:PRAX) Trading Up 7.6% – Here’s Why

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shot up 7.6% during mid-day trading on Thursday . The stock traded as high as $45.85 and last traded at $44.52. 177,139 shares were traded during mid-day trading, a decline of 54% from the average session volume of 385,738 shares. The stock had previously closed at $41.37.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PRAX. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Monday, May 5th. Robert W. Baird reduced their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target for the company. Wedbush upped their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a report on Monday, May 5th. Finally, Oppenheimer set a $97.00 price target on Praxis Precision Medicines and gave the stock an “outperform” rating in a report on Monday, June 2nd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $109.90.

Praxis Precision Medicines Price Performance

The company has a market capitalization of $907.64 million, a price-to-earnings ratio of -4.33 and a beta of 2.60. The stock has a 50 day simple moving average of $36.02 and a two-hundred day simple moving average of $56.08.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Equities research analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Barclays PLC boosted its stake in shares of Praxis Precision Medicines by 126.8% during the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after acquiring an additional 20,759 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at $48,000. CIBC Asset Management Inc boosted its stake in shares of Praxis Precision Medicines by 47.3% during the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after acquiring an additional 117,817 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Praxis Precision Medicines by 12.1% during the fourth quarter. New York State Common Retirement Fund now owns 7,847 shares of the company’s stock valued at $604,000 after acquiring an additional 847 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Praxis Precision Medicines by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 142,892 shares of the company’s stock valued at $10,997,000 after acquiring an additional 5,840 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.